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We found 4 dictionaries that define the word lipstick effect:

General (3 matching dictionaries)
  1. lipstick effect: The Word Spy
  2. Lipstick effect: Wikipedia, the Free Encyclopedia
  3. lipstick effect: Wiktionary

Business (1 matching dictionary)
  1. BuzzWhack (No longer online)

Definitions from Wiktionary (lipstick effect)

noun:  (economics) The theory that consumers are more willing to buy less costly luxury goods during economic crises.

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